Vertex, Inc. (NASDAQ:VERX) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its holdings in Vertex, Inc. (NASDAQ:VERX) by 406.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,386 shares of the company’s stock after purchasing an additional 27,602 shares during the period. Victory Capital Management Inc.’s holdings in Vertex were worth $1,324,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Vertex by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,791,215 shares of the company’s stock worth $183,929,000 after buying an additional 235,407 shares during the last quarter. Banque Pictet & Cie SA boosted its stake in shares of Vertex by 551.9% during the 2nd quarter. Banque Pictet & Cie SA now owns 949,540 shares of the company’s stock worth $34,231,000 after acquiring an additional 803,881 shares in the last quarter. William Blair Investment Management LLC grew its holdings in shares of Vertex by 8.1% in the 2nd quarter. William Blair Investment Management LLC now owns 782,715 shares of the company’s stock worth $28,217,000 after acquiring an additional 58,678 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Vertex by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 668,178 shares of the company’s stock worth $24,088,000 after purchasing an additional 40,593 shares during the period. Finally, Driehaus Capital Management LLC purchased a new stake in shares of Vertex during the second quarter valued at $22,173,000. 59.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on VERX shares. Morgan Stanley lifted their price target on Vertex from $50.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Jefferies Financial Group raised shares of Vertex from a “hold” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $50.00 in a research report on Monday, November 4th. Needham & Company LLC upped their price target on shares of Vertex from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Vertex from $42.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Stifel Nicolaus boosted their target price on shares of Vertex from $41.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.30.

Vertex Trading Up 0.5 %

NASDAQ VERX opened at $55.15 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.29. Vertex, Inc. has a 1-year low of $23.31 and a 1-year high of $55.52. The firm’s fifty day simple moving average is $43.46 and its 200-day simple moving average is $38.39. The company has a market capitalization of $8.60 billion, a PE ratio of 306.39, a price-to-earnings-growth ratio of 10.10 and a beta of 0.67.

Vertex (NASDAQ:VERX) last issued its earnings results on Wednesday, November 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. The company had revenue of $170.40 million for the quarter, compared to analyst estimates of $165.70 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.06 EPS. As a group, sell-side analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Activity at Vertex

In other news, CEO David Destefano sold 159,107 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $49.61, for a total transaction of $7,893,298.27. Following the transaction, the chief executive officer now owns 332,290 shares in the company, valued at approximately $16,484,906.90. This trade represents a 32.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Item Second Irr. Trust Fbo Jac sold 52,713 shares of Vertex stock in a transaction on Monday, October 7th. The shares were sold at an average price of $41.02, for a total transaction of $2,162,287.26. Following the completion of the sale, the insider now directly owns 1,144,993 shares of the company’s stock, valued at approximately $46,967,612.86. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,171,822 shares of company stock valued at $191,086,808. 44.58% of the stock is currently owned by corporate insiders.

Vertex Profile

Vertex, Inc, together with its subsidiaries, provides enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries in the United States and internationally. The company offers tax determination; compliance and reporting, including workflow management tools, role-based security, and event logging; tax data management; document management; analytics and insights; pre-built integration that includes mapping data fields, and business logic and configurations; industry-specific solutions; and technology specific solutions, such as chain flow accelerator and SAP-specific tools.